Uber IPO proposals value company at $120 billion: WSJ

(Reuters) – Ride-hailing company Uber Technologies Inc [UBER.UL] could be valued at $120 billion, when it finally goes public next year according to proposals made by U.S. banks bidding to run the offering, the Wall Street Journal reported on Tuesday. The proposed valuation of the company is about $50 billion more than the company’s most recent valuation, setting the stage for what would be one of the biggest listings ever. Reuters reported in late September that Goldman Sachs and Morgan Stanley were in pole position to secure top roles in Uber IPO. Uber and smaller rival Lyft’s initial public offerings, both expected in 2019, will test investor tolerance for money losing technology unicorns. Dara Khosrowshahi, who took over as chief executive last year, said in September that Uber was on track for a 2019 IPO, adding that he was not concerned if Lyft went public first because
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Lyft selects JPMorgan, Credit Suisse for IPO in 2019: Reuters

(Reuters) – Ride-hailing company Lyft Inc has chosen JPMorgan Chase & Co, Credit Suisse and Jefferies as underwriters for its initial public offering, slated for the first half of 2019, according to a person familiar with the matter. The source did not want to be identified because Lyft’s plans were still private. Reuters had earlier reported that Lyft was in talks with JPMorgan to lead its IPO, after rivals Goldman Sachs and Morgan Stanley decided not to pursue such a role out of loyalty to another IPO hopeful and Lyft’s larger competitor, Uber Technologies Inc. Earlier on Tuesday, the Wall Street Journal reported that Uber could be valued at $120 billion in its IPO, expected in 2019. JPMorgan declined to comment. Credit Suisse did not immediately respond to Reuters’ request for comment, while Jefferies was not available for a comment. Lyft also declined to comment. The two IPOs
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Advent starts preparations for IPO, sale of Addiko bank, say sources: Reuters

Private equity group Advent is starting preparations for an initial public offering or sale of its Vienna-based bank Addiko, which has a strong presence in the Balkans, people close to the matter said. The buyout group is working with Goldman Sachs and Citi on an exit process, which will primarily focus on a potential stock market listing, while also allowing suitors to bid for the lender which emerged from the collapse of Hypo Alpe Adria. Advent and Goldman Sachs declined to comment. Citi officials were not immediately available for comment. One of the sources said Addiko has a book value of around 850 million euros ($985 million), adding that an IPO or sale could take place next year. While, a potential valuation is unclear, European peers trade at an average of 0.85 times book value. Potential investors are expected to closely watch the listing of Slovenia’s state-owned Nova
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China’s Innovent Biologics looks to raise up to $422 million in HK IPO, say sources: Reuters

Chinese biotech firm Innovent Biologics is looking to raise up to $422 million in its Hong Kong IPO, three sources said, in what could be the biggest biotech IPO in the financial hub this year. Innovent, which is backed by mutual fund giant Fidelity and Singapore state investor Temasek, has set an indicative price range of HK$12.5-HK$14.00 ($1.59-$1.79) per share for its initial public offering (IPO), the sources said, giving the company a valuation of about $2 billion. It is the latest company looking to take advantage of new rules introduced by the Hong Kong stock exchange to woo early-stage drug developers, after Ascletis Pharma (1672.HK), Hua Medicine (2552.HK) and Nasdaq-listed BeiGene (6160.HK). Biotech firms with no profit or revenue are now allowed to go public in Hong Kong as the Chinese territory looks to attract more new-economy companies in its competition for
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SoftBank picks Nomura, Goldman, three others to lead mobile unit’s IPO, says source: Reuters

SoftBank Group Corp has chosen five investment banks, including units of Nomura Holdings Inc and Goldman Sachs, as lead underwriters for the mammoth initial public offering of its mobile-phone unit, a person with direct knowledge of the matter said on Friday. The other institutions are Mizuho Financial Group Inc, Deutsche Bank AG and the SMBC Nikko Securities Inc unit of Sumitomo Mitsui Financial Group Inc, the source told Reuters, on condition of anonymity as the deal is not public. Media representatives for SoftBank and the financial institutions declined to comment. Bloomberg News reported Friday that the Japanese investment and technology firm aims to sell around 3 trillion yen ($27 billion) of shares, the biggest IPO ever, listing on the Tokyo Stock Exchange in December. An IPO of that scale would be the biggest ever, topping the $25 billion worth of shares sold by China’s Alibaba in New York
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Lithium producer Livent falls 3.6 percent in market debut: Reuters

Lithium producer Livent Corp (LTHM.N) fell 3.6 percent in its market debut on Thursday after being priced at the lower end of its expected range, as investors worried about the recent declines in prices of lithium in China, the world’s largest consumer of the ultralight metal. Livent’s debut comes a day after the major U.S. indices fell about 3 percent each, unnerving investors and pushing them to the sidelines. At its open Livent had a market capitalization of $2.34 billion. The company’s IPO of 20 million shares was priced at $17 per share on Wednesday, below its target range of $18 to $20 per share. The IPO raised $340 million. Prices of lithium, a key ingredient in rechargeable batteries used in electric vehicles, have halved in China this year from their peak of $24,750 per ton due to oversupply, hurting near-term earnings prospects for lithium producers.
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Bain Capital Specialty Finance files for IPO, to list on NYSE: Reuters

Global asset manager Bain Capital’s specialty finance arm on Tuesday filed for an initial public offering, seeking to list on the New York stock exchange under the symbol “BCSF”. The company set a placeholder amount of $100 million to indicate the size of the IPO. The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different. Bain Capital Specialty Finance reported total investment income of about $40 million for the six months ended June 30, nearly six times what it had earned a year ago, over the same period. The company focuses on lending to middle market companies which have annual core earnings (EBITDA) between $10 million and $150 million. From the day it commenced operations, in October 2016 to June 30, 2018, it has invested around $1.37
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Century-old Thai energy drinks maker Osotspa to give bourse an IPO boost: Reuters

Energy drinks maker Osotspa Pcl (OSP.BK) on Friday priced the initial public offering of its shares at the high end of the proposed range, valuing the century-old company at 75 billion baht ($2.29 billion) in the largest corporate listing in Thailand this year. Osotspa priced shares at the top end of its 22 baht-25 baht price range and will use proceeds of 12.7 billion baht to pay debt and build a new factory in Myanmar, its second largest market after Thailand, its president Wannipa Bhakdibutr said. The 127-year-old company, best known for the M150 and Shark energy brands, will also give Thai listings a boost in a slow year for new floats. So far this year, total listings added only 23 billion baht to market capitalization at IPO price, compared with 426 billion for 2017, exchange data showed. “IPOs like this are valuable because not many companies
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Online furniture retailer Westwing to price IPO in upper half of range: Reuters

Westwing, the “home and living” company backed by Germany’s Rocket Internet, is expected to price its initial public offering in the upper half of its indicative price range, one of the bookrunners organizing the flotation said on Friday. The bank advised investors to expect an offer price of 26 to 29 euros a share, compared with an initial range of 23 to 29 euros. It added that the books were covered throughout the revised price range. Citing strong demand, Westwing has already brought forward the listing date by two days to Oct. 9. The company, founded by former Elle journalist Delia Fischer, is seeking to raise up to 147 million euros ($169 million), giving it a market capitalization of up to 597 million euros, as it taps into the desires of aspirational consumers – mainly women – with its online shopping club concept.

McKesson’s Change Healthcare hires IPO underwriters, say sources: Reuters

Change Healthcare LLC, a healthcare technology company majority-owned by U.S. drug wholesaler McKesson Corp (MCK.N), has hired underwriters for an initial public offering that could value it at as much as $12 billion, including debt, people familiar with the matter said on Wednesday. The move comes after McKesson Chief Executive John Hammergren said in January that he intended to take Change Healthcare public. Hammergren added that he expected this to be a “short-term” decision, but declined to say whether it would happen in 2018 or 2019. Tapping underwriters shows that McKesson is gearing up for the IPO, which the sources said is expected to take place in the first half of 2019. Change Healthcare has hired investment banks Goldman Sachs Group Inc (GS.N), Barclays Plc (BARC.L) and JPMorgan Chase & Co (JPM.N) to lead the IPO, the sources said. McKesson, Change Healthcare and JPMorgan did
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Aston Martin skids on market debut: Reuters

Shares in luxury automaker Aston Martin (AML.L) fell as much as 6.5 percent on their market debut in London on Wednesday as investors and analysts raised concerns over its ability to deliver an ambitious roll-out of new models. The company, which last year made its first profit since 2010 and has gone bankrupt seven times, had priced its shares at 19 pounds each, giving it a market capitalization of 4.33 billion pounds ($5.63 billion). The shares fell to as low as 17.75 pounds and were down 5 percent at 0935 GMT. Aston Martin has plans to launch a new model every year from 2016 to 2022. “(It) has very aggressive growth plans. The execution of that growth needs to be flawless – nothing eats cash more than a car company when the cycle turns. There is concern that it’s more cyclical than the commentary has
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Brazilian credit card processor Stone files for Nasdaq IPO: Reuters

Brazilian credit card processor StoneCo Ltd filed on Monday for an initial public offering (IPO) on New York’s Nasdaq, as competition speeds up among payment companies in Brazil and the economy recovers from a harsh recession. In January, Reuters reported that Stone was planning an IPO in the U.S. by the second half of the year, following its rival PagSeguro Digital Ltd, which listed its shares on the New York Stock Exchange. StoneCo and its shareholders intend to sell an undisclosed amount of shares in the offering, according to a securities filing. Shareholders include the company’s founders André Street and Eduardo Pontes, and Brazilian investment firm 3G Capital Inc’s founders Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira. Madrone Capital Partners, a U.S.-based investment firm that manages part of the fortune of the Walton family, the majority owners of Wal-Mart Stores Inc (WMT.N), also
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Australia’s Latitude Financial defers $1.5 billion IPO amid inquiry rap for sector: Reuters

Australia’s Latitude Financial said it has deferred a planned IPO due to market conditions and a change in leadership at the mortgage lender, while a national inquiry into financial sector misconduct clouds the outlook for the industry. Latitude, partly owned by Deutsche Bank (DBKGn.DE) and U.S. private equity firm KKR & Co (KKR.N), is one of the largest non-bank lenders in Australia, offering low-document home loans and credit cards. Sources have said it aimed to raise about A$2 billion ($1.45 billion) in the initial public offering (IPO) this year. Australia’s financial sector has been rocked by months of revelations of wrongdoing stemming from a government-ordered public inquiry, called the Royal Commission. That has driven down share prices, trashed the reputations of some of the country’s biggest companies and is expected to bring in painful reforms. Melbourne-based Latitude said in a statement on Monday that Ahmed Fahour
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Aston Martin narrows $6 billion IPO range after investor response: Reuters

Luxury British carmaker Aston Martin has cut the upper end of its initial public offering price range to 20 pounds per share, giving it a potential market value of up to 4.6 billion pounds ($6 billion), following mixed feedback from investors. Aston Martin had initially set a range of 17.50 pounds to 22.50 pounds per share, but said on it Monday it had narrowed this to 18.50 pounds to 20 pounds and that it had enough bid interest to cover all the shares being sold at this level. “Feedback was mixed,” said one person familiar with the deal saying investors were worried about the execution of the roll out of new models but were impressed by the management. “Bottom of the range is the only level that might work.” Aston Martin, famed for making the sports car driven by fictional secret agent James Bond, said
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Aston Martin narrows $6 billion IPO range after investor response: Reuters

Luxury British carmaker Aston Martin has cut the upper end of its initial public offering price range to 20 pounds per share, giving it a potential market value of up to 4.6 billion pounds ($6 billion), following mixed feedback from investors. Aston Martin had initially set a range of 17.50 pounds to 22.50 pounds per share, but said on it Monday it had narrowed this to 18.50 pounds to 20 pounds and that it had enough bid interest to cover all the shares being sold at this level. “Feedback was mixed,” said one person familiar with the deal saying investors were worried about the execution of the roll out of new models but were impressed by the management. “Bottom of the range is the only level that might work.” Aston Martin, famed for making the sports car driven by fictional secret agent James Bond, said
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Funding Circle makes lackluster $2 billion London debut in test of demand: Reuters

Funding Circle (FCH.L) struggled to shine on its 1.5 billion pound ($2 billion) market debut on Friday as the British peer-to-peer lending platform tested investor appetite for both large listings and financial technology firms. Although shares in the company backed with a 150 million pound investment by Danish billionaire Anders Holch Povlsen initially rose, they slipped during morning trading to below their launch price of 440 pence per share. Funding Circle, which was launched in 2010, is the first of Britain’s new breed of peer-to-peer financial technology firms to launch an initial public offering (IPO) and the flotation is being closely watched as an indicator of investor demand. The IPO, which valued Funding Circle at around 1.5 billion pounds, is expected to help to set the tone for a string of large listings in Europe. London is seen as one of Europe’s financial technology hubs and bankers
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Slack preparing to go public in early 2019: WSJ

Slack Technologies Inc, a provider of chat services for businesses, is preparing for an initial public offering in the first half of 2019, the Wall Street Journal reported on Friday, citing people familiar with the company’s plans. The San Francisco-based startup expects it could achieve a valuation well in excess of about $7 billion, the level at which a recent round of financing valued the company, the report said. The startup competes with Microsoft’s Teams, Alphabet Inc’s Google Hangouts, Cisco Systems Inc’s Webex Teams, Workplace by Facebook Inc and others in the workplace collaboration market, which research firm IDC projects will be worth $3.2 billion by 2021. Slack, which counts Softbank among its top investors, has more than 8 million daily active users and 3 million paid users, it said earlier this year. The company has not hired underwriters yet but could do so soon, according to the
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Westwing sets IPO price range, seeks to raise 132 million euros: Reuters

Westwing, the “home and living” company backed by Germany’s Rocket Internet (RKET.DE), said on Thursday it had set the price range for its planned initial public offering at 23 to 29 euros per share. The company, founded by former Elle journalist Delia Fischer, is seeking to raise 132 million euros ($154 million) in the offering of new shares as it taps into the desires of aspirational consumers – mainly women – with its online shopping club concept. Westwing is part of a wider trend that blends lifestyle and e-commerce and features companies like Hollywood actress Gwyneth Paltrow’s Goop, and online luxury fashion retailer Farfetch (FTCH.N), whose recent float drew strong interest. The company, 30 percent owned by Rocket Internet, will make a primary offering of 4.4 million shares. An additional 0.66 million shares will be made available to cover any potential over-allotments, supported by a
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JPMorgan in talks to lead Lyft’s IPO, say sources: Reuters

JPMorgan Chase & Co (JPM.N) is in talks about leading Lyft Inc’s upcoming initial public offering as an underwriter, after rivals Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N) decided not to pursue such a role out of loyalty to another IPO hopeful, Lyft’s larger competitor Uber Technologies Inc, according to people familiar with the matter. The move illustrates the calculations that often inform the pursuit of such mandates by the world’s biggest investment banks. Goldman Sachs and Morgan Stanley have helped ride-sharing company Uber raise money in the past, and are in pole position to secure top roles in its IPO, the sources said. Reuters first reported last year that Lyft was seeking to hire an IPO adviser that would help it select underwriters and coordinate the process. Since then, Lyft has hired IPO advisory firm Class V Group LLC, and is eyeing a
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SurveyMonkey’s IPO priced at $12/share: Reuters

Sept 25 (Reuters) – SurveyMonkey’s initial public offering was priced above the expected range at $12 per share on Tuesday, giving the U.S. online survey company a market capitalization of $1.46 billion. SurveyMonkey raised $180 million from its upsized IPO of 15 million shares. The company had initially announced an IPO of 13.5 million shares. The offering was expected to be priced between $9 and $11 per share. The San Mateo, California-based company, which has around 600,000 paying users, will debut on Wednesday on the Nasdaq under the ticker symbol “SVMK”, the company said. SurveyMonkey’s main investors include Tiger Global Management, and Facebook Inc Chief Operating Officer Sheryl Sandberg, whose late husband Dave Goldberg previously ran the company. The company’s revenue for the six months ended June rose 13.8 pct to $121.2 million from a year earlier. Net loss widened to $27.
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